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If your divorce settlement was established on or before Dec. 31, 2018, alimony payments are fully tax deductible for the individual making the payments, whether you itemize or not. For tax ...
For example, you cannot deduct fees for counseling, litigation or tax advice that you got during your divorce. The 2017 Trump tax plan also eliminated the deduction of legal expenses that were ...
A divorce settlement entails which spouse gets what property and what responsibilities once the marriage is over. "It deals with child custody and visitation, child support, alimony, health and life insurance, real estate, cars, household items, bank accounts, debts, investments, retirement plans and pensions, college tuition for children, and other items of value, such as frequent flyer miles ...
Filing your taxes can get complicated depending on your unique circumstances, and not everyone has access to an accountant or other tax professional. Related: 8 IRS Secrets To Know for the 2023 Tax...
For example, when a spouse is to acquire the marital home as part of a divorce settlement, the other spouse may be able to transfer their full interest quickly and inexpensively via a quitclaim deed. [10] A quitclaim deed may also be used to transfer title of a property to a purchaser following a foreclosure auction.
Divorce settlements can be extremely complicated. While it makes eminent sense to work with a financial advisor as you plan your finances for a divorce, there are several key areas that can hold ...
Alternatively, you can use a qualified domestic relations order to withdraw the funds without paying the 10% early distribution tax, but you will pay income tax on the withdrawal. 6) Capital Gains ...
The specifics of filing taxes after divorce and how you draw up your divorce agreement could make a big difference when it … Continue reading → The post Filing Taxes After Divorce: A Practical ...
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